An early investor in the meme-inspired cryptocurrency $PEPE has recently realized a gain of around $3.4 million from an investment of little over $460 they made in the cryptocurrency’s early days to realize a gain of nearly 740,000%.
According to on-chain analysis service Lookonchain the trader spent just 0.22 ETH to buy their PEPE tokens in April of last year, which netted them a total of 324.9 billion PEPE. The trader has recently moved a final tranche of 182.9 billion tokens onto leading cryptocurrency exchange Binance, effectively divesting of their position for a total of $3.4 million.
The investor’s sale comes as the price of the meme-inspired cryptocurrency hits new highs, having recently briefly surpassed the $0.000014 mark before correcting slightly. Its gains came amid a wider cryptocurrency market rally that added over $200 billion to the space’s total market capitalization.
he catalyst for the broader market surge appears to be news related to the potential approval of spot Ether exchange-traded funds (ETFs) in the U.S as the Securities and Exchange Commission (SEC) has abruptly requested that the exchanges that want to list and trade these funds update key filings related to these products, fueling speculation that the regulator is considering approving these products.
The surge saw Ethereum itself move up over 20% in a single day, while several Ethereum-related tokens, including memecoins, also jumped. Notably this isn’t the first time an investor makes a major gain with PEPE, as earlier this year CryptoGlobe reported on a whale who made over $3.3 million with the token.
Looking into the wallet of the the trader who turned little over $460 into millions trading the memecoin inspired on the infamous meme and cartoon character Pepe the Frog shortly after it was launched, data shows that the trader often invests in newly launched memecoins hoping one will take off.
The investor was early on several popular memecoins, but also seemingly on several memecoins that faded away soon after being launched, according to Etherscan data.
Featured image via Unsplash.
